Required Information PA11-1 (Algo) Analyzing Accounting Equation Effects, Recording Journal Entries, and Preparing a Partial Balance Sheet Involving Stock Issuance and Purchase Transactions (LO 11-2) (The following information applies to the questions displayed below) Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $460,000 of net income and declared no dividends; the following selected transactions occurred in the order given a. Issued 100,000 shares of the common stock at $61 cash per share, b. Reacquired 31,000 shares at $56 cash per share. Reissued 13,000 shares from treasury for $57 per share. d. Reissued 13,000 shares from treasury for $55 per share, PA11-1 (Algo) Part 1 Required: 1. Indicate the account, amount and direction of the effect on above transaction (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockhol ...O 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of 100,000 shares of common stock with a $5 par value for a price of $61 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general Journal 2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/ Required" in the first account field.) View transaction list Journal entry worksheet